It was noted in the media this week that February homes sales were the at the lowest count in 18 months – yes, a frenzy will do that to you!
http://www.cnbc.com/id/101511116
Sales are going to be ‘sputtery’, and struggle to keep up with previous frenzied months when prices rise sharply. When prices and rates both rise substantially, you’d think it would put a real damper on sales – but around NSDCC they have held up remarkably well:
NSDCC Detached-Home Sales
| Year | ||||
| 2005 | ||||
| 2006 | ||||
| 2007 | ||||
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| 2012 | ||||
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| 2014 |
Let’s remember that these are completely different sets of buyers and houses. The recent consistency, and resiliency, is remarkable!
P.S. The preliminary numbers for this month look much lower than last year (we had 298 sales in March, 2013, which was 25% higher than in 2012).
This will probably continue for the next few months – any comparison to the max-frenzy months of 2013 is going to look dismal. But the sky isn’t falling, and price will fix anything. Get good help!
I’m not in the real estate industry so maybe i’m missing something but does the fact that the ppsf is the same as ’05-’07 mean we are in a mini bubble?? everything seems too expensive right now? thoughts?